I have completed these tasks with Grace Thompson
Task One: Researching a Market Sector
After researching into the market sector fast fashion, I have found out many facts such as the market leader, rival companies, target market and the strengths and weaknesses of fast fashion.
The top five companies in fast fashion are Zara, Newlook, H&M, Topshop/topman and Primark. I would say the market leader is Zara, Zara is mostly located with more upmarket stores in high fashion area’s, This reflects a good image for zara giving women and men the idea that it is worth paying more for.
The strengths of fashion retailing; Consumers have prioritised spending their money on clothing even when money is tight, This means that clothing consumption continues to grow. Clothing seems to be key for 16-24 year olds with them being the biggest spending age group. UK retailers also benefit hugely from tourist, With Oxford street being the biggest hit for tourists, Primark especially.
Weaknesses; With more and more retailers rising, including online shops such as asos and ASDA’S george and Tescos F+F, The competition is getting harder for companies. Consumers income is also a weakness for retailers although many people. mostly 16-24 year olds prioritise spending their wage on clothing, Their wage is a squeeze and they consider them selfs to just be getting by.
As I have talked about the target market is mostly 16-24 year old women as they have the most interest in fashion, especially with fast fashion as it is all the high end and catwalk trends that trickle down to the lower end of the market in shops such as new look and primark. 14% of women under 35 say that they would rather shop for clothes in an environment that has other services to offer such as cafes. information from mintel reports.http://academic.mintel.com/display/704971/?highlight
Task Two:Finding Journal Articles about a Company
Using the findings of our Mintel research, I found a journal article on Summon about the leading company in our market sector.
Task Three: Finding Newspaper Articles about your Company
We have found one useful newspaper article about our allocated company.
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